Start accepting credit cards!

If you’ve been in business for awhile, you may have a credit terminal that’s outdated and no longer under warranty. And if your business is just getting off the ground, you want to be sure that the terminal or reader you choose is going to provide all the features you need. Since the credit card industry has gone through some major changes over the last couple of years, we want to cover the six most important features of a retail POS system: Stationary vs. Mobile Before taking any other features into consideration, it’s important to decide whether a stationary or mobile terminal is the best fit for your business. If your business is based around a single retail location, you’ll be happiest with a stationary terminal. But if you also do business at markets or any venues other than your own, you may need a mobile card reader. Keep in mind that even though it may cost a little more upfront, plenty of businesses decide to opt for both a stationary terminal and mobile card reader. EMV-Ready Now that new… Read more

Accepting credit cards can be expensive for a small business. Paying even a small percentage of every purchase can severely cut into a business’s income. These fees remain one of the top reasons some small businesses still accept only cash and personal checks, ignoring the ever-increasing pressure to keep up with card-accepting competitors. As an alternative, some businesses choose to pass that fee on to customers. This allows cash customers to continue to enjoy the same low prices while still covering the increase in operating costs. Otherwise, businesses would have to increase costs for everyone in order to cover the added expense. But it’s important that businesses are careful with this option, since it could be in violation of their cardholder’s agreement. It can also serve to alienate loyal customers. Here are a few things you should know about legally passing credit card fees over to cardholders. When It’s Fair At one time, American Express prohibited charging extra fees to customers for using their cards. This made it difficult, especially since laws required that these fees be applied to all… Read more

Choosing a payment processor is an important decision for a business of any size to make. Selecting a great processing partner can make it easy for a business to accept payments online and in person at a very reasonable rate. On the other hand, going with the wrong company for this task can result in a business encountering technical problems, high fees and potentially compromising their security. Given the impact that a payment processor can have on your business, this isn’t a decision you want to rush. To help with your evaluation process, we’ve put together a list of the five most important factors to compare: Competitive Rates While a specific processor may have a lot to offer, if they charge an excessive rate for their services, it’s not going to make financial sense to seriously consider them for your business. In terms of the general range for processing rates, 0.38% to 1.58% is standard for retail transactions, while competitive Internet rates fall in the range of 0.98% to 1.98%. EMV As of October of last year, merchants who don’t… Read more

In 2013, a study conducted by UPS found that 70% of Americans preferred shopping with their favorite retailers online. In the years since, online sales have continued to increase. After hitting $307 billion in 2014, ecommerce sales rose to $350 billion last year. And according to analysts, this year’s sales will fall just $2 billion short of $400 billion. Why is ecommerce still growing at such a rapid rate? There are actually a few reasons for this behavior. The most obvious is comfort and convenience. Now that more consumers are comfortable with the idea of submitting their payment information online, they’re able to shop whenever they want. That’s especially true as more people compare or even place orders from mobile devices like phones and tablets. People are also drawn to the savings commonly associated with buying online. And because of pressure from major ecommerce titans like Amazon, faster shipping that’s free is becoming the standard. Given all this information, it may sound like everything is rosy for businesses with a website. However, that’s actually not the case. While many companies… Read more

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